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The S&P 500 has recently traded near 4800, close to its record at the end of 2021. In that environment, very few firms sought IPOs, and there was a major slowdown in overall exits, whether private or public. It has been some time since a professionalservices firm chose a public offering as a liquidity strategy.
Jacobs is a moderate-growth, moderate-margin company in the professionalservices space, currently trading at 1.2x Here it is in the investor presentation: We don’t know the planned valuation for CMS in this spin-off, but let’s assume that Jacobs plans to spin it off at an IPO offering price that implies an 11.5x revenue and 11.5x
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